Many events unfold at 33rd World Diamond Congress

The opening ceremony of The 33rd World Diamond Congress, which began in Shanghai on 13th May, was hosted by its organisers, the Shanghai Diamond Exchange and the CCJP Diamond Manufacturers Association. Sergey Vybornov, president of Alrosa, delivered in his keynote the need for the industry to develop a cohesive marketing policy for diamond jewellery. Arosa, he said is ready to extend full support.

Also, at the ceremony, the first-ever Diamantaire of the Year award, was announced. The award was an initiative of the WFDB General Assembly and this year, it was handed over to Moshe Schnitzer, a former WFDB president, who passed away in August 2007. The Congress, which is a biennial gathering of the general assemblies of the WFDB and the International Diamond Manufacturers Association, invited as its guest of honour - Tang Dengjia, Shanghai's vice mayor, who described the rapidly growing diamond industry in his city.

Also significant on the first day was the WFDB General Assembly accepting as its members, three new diamond exchanges - the Diamond Dealers Club of Australia, the Istanbul Gold and Diamond Exchange and the Panama Diamond Exchange. Ernst Blom, the outgoing WFDB president who will be succeeded by Avi Paz, said in his final speech, "All three organisations are located in countries that are not yet served by a diamond exchange, and all three serve regions with excellent potential. The Australian bourse will be located in an affluent market that reaches into the markets of New Zealand and the South Pacific. The Turkish bourse is situated in heartland on one of the most rapidly growing consumer markets, growing n tastes from gold into diamond-set jewellery. The Panama bourse sits at the gateway to an entire continent that is not yet served by a single, local diamond bourse, and which recently was mentioned by De Beers Managing Director Gareth Penny as a diamond market of the future."

Blom also urged the industry members to rethink strategies that would inspire demand for polished diamonds to exceed that of rough diamond supply. "The question is how much of a price rise will the consumer be prepared to absorb before he turns his attention to other luxury products? And then there is matter of who will be buying our diamonds”. He urged the members to avoid bringing the industry to a situation wherein only the very upper echelons of the consumer market are targeted because they have the finances, while overlooking the mid and lower ends of the market. The Congress will conclude on Thursday, May 15.